RBF extends amnesty

THE amnesty announced by the Fiji Revenue and Customs Service extends to exchange control regulations where offshore assets are involved.

In a statement issued by the Reserve Bank of Fiji acting governor Ariff Ali confirmed that the central bank would not take any legal action for any submissions made during this period.

Mr Ali said the measure was necessary to effectively support the tax amnesty as the RBF had done in the past.

However, the central bank also confirmed that the offshore assets must be specifically declared to the RBF as well as the Fiji Revenue and Customs Service during the amnesty period which ends on December 31, 2017.

Mr Ali said Fijian residents, including companies incorporated in Fiji and residents residing abroad, holding offshore bank accounts, foreign investments and properties without RBF approval were to submit full disclosures of their total offshore asset holdings before the end of the amnesty period.